Florida-Based Bank to be Acquired

Rushmore Loan Management Services, LLC,  a residential mortgage servicer, announced that it has signed an Asset Purchase Agreement to acquire the correspondent lending channel of FirstBank, a Florida-based correspondent platform, and accompanying proprietary Fusion lending technology.

“We are thrilled about this transaction,” said Terry Smith, CEO of the California-based Rushmore. “FirstBank has developed an outstanding correspondent lending business under Bill Scammell’s leadership and we are very excited to welcome him and his team to our organization. In addition to expanding the universe of loan servicing offerings that we are able to provide to our customers, we expect that it will also increase our visibility into the broader mortgage lending space— enabling us to gain valuable market insights that can be leveraged across many different facets of our business.”

“We are very excited to join the Rushmore platform, build this business to a larger scale, and take advantage of new opportunities such as having a strong appetite for government loans,” said Bill Scammell, FirstBank’s Director of Correspondent Lending. “These are highly complementary businesses, and we fully expect that joining Rushmore will enable us to accelerate the growth of both Rushmore’s core servicing platform and the correspondent channel.”

The acquisition is targeted to close in the third quarter of 2019.